{"F": {"ts_code": "603939.SH", "name": "益丰药房", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "线下药店", "ind": "医药商业", "fin_source": "tushare", "market": "主板", "list_date": "20150217", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.9, "pe_ttm": 15.7551, "pb": 2.3339, "dv_ttm": 3.0568, "total_mv": 2776378.825, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.0, 40.3, 39.5, 38.2, 40.1, 39.4], "rev_series": [131.4, 153.3, 198.9, 225.9, 240.6, 244.3], "np_series": [7.7, 8.9, 12.7, 14.1, 15.3, 16.8], "roe_series": [15.4, 13.7, 15.8, 15.4, 14.9, 15.0], "period": "20260630", "rev_ttm": 248.4, "np_ttm": 17.6, "ocf_ttm": 32.4, "fcf_ttm": 29.2, "fcf_yield": 10.5, "ocf_yield": 11.7, "gm_median": 39.5, "gm_std": 0.7, "gm_stab": 0.98, "gm_chg_2022": 1.5, "npm_median": 7.0, "roe_median": 15.0, "commodity": false, "hard_ratio": 6.4, "fix_assets": 16.5, "goodwill_ratio": 18.5, "pb_calc": 2.29, "capex_dep": 1.35, "interest_debt": 41.5, "debt_ebitda": 0.9, "debt_ratio": 49.8, "debt_mv": 14.9, "payout": 50.7, "div_years": 5, "rev_cagr3": 7.1, "np_cagr3": 9.9, "rev_yoy": 3.5, "np_yoy": 9.5, "np_vol": 12.7, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.3, "consensus_n": 20, "fwd_pe": 14.4, "fwd_pe2": 12.7, "fwd_g1": 9.0, "fwd_g2": 14.0, "peg": 1.03, "consensus_disp": null, "mainbz": [["产品", 34.0], ["医药零售", 29.0], ["西药、中成药", 26.0], ["医药批发", 8.0]], "ret_prev_year": -7.4, "ret_prev2_year": -27.1, "ret_ytd": 7.4, "ret_pivot": 37.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.4, "ret_60": 12.1, "ret_120": -5.3, "ret_250": -2.3, "mdd_250": -30.4, "vol_250": 31.8, "pos_52w": 88.7}, "S": {"duration": 33, "pricing": 63, "hard": 10, "bondness": 52}, "label": "现金流红利", "tags": ["商誉占比高"], "text": {"像什么": ["分红率 51%、股息率 3.1%、营收 3 年复合 7.1%、有息负债/EBITDA 0.9 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 39.5%),硬资产占比 6%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 10.5%(经营现金流/市值 11.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.5%,稳定度 98%,2020→2022 成本通胀期毛利率变化 1.5 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 6%,资本开支/折旧 1.35 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.8 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -2%,最大回撤 -30%,年化波动 32%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 3% / 12% / -5%。", "行业对照": ["同申万二级「医药商业」32 家中位:PE 22.5 / 股息率 2.8% / 毛利率 13.4% / 固定资产占比 7% / 分红率 38%。", "益丰药房:PE 比行业中位低 6.7倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 26.1个百分点;固定资产占比 比行业中位低 0.8个百分点。"]}}